"Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023, Lawrence Yun, NAR's chief economist, said in a statement. Improving housing affordability driven by lower mortgage rates and wage growth rising faster than home prices is helping buyers test the market. More inventory choices compared to last year are also attracting more buyers to the market."
"Pending home sales rose month over month in all four U.S. regions in November. They were up 9.2% in the West, 2.4% in the South, 1.8% in the Northeast and 1.3% in the Midwest. On a yearly basis, sales again rose in all four regions, with the South posting the largest increase at 3.3% and the Northeast recording the smallest increase at 1.8%."
"Additionally, the Realtor's Confidence Index survey showed that in November, 22% of NAR members anticipated an increase in buyer traffic in the next three months up from 17% in October but down from 24% a year ago. On the sell side, 18% of NAR members reported expecting an increase in seller traffic in the next three months, up from 16% last month but down from 22% a year prior."
Homebuyer momentum has strengthened, showing the strongest seasonally adjusted performance of the year and the best results since February 2023. Improving affordability from lower mortgage rates and wages rising faster than home prices is encouraging buyers to test the market. Increased inventory compared with last year is drawing more buyers. Pending home sales rose month-to-month in all four U.S. regions in November, with the West posting the largest gain. Realtor survey measures of expected buyer and seller traffic increased from last month but remained below year-ago levels. Economists expect 2025 sales near 2024 levels, with 2026 likely stronger amid ongoing economic uncertainty.
Read at www.housingwire.com
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